Pursuant to Rule 497(e) of the Securities Act of 1933, as amended (the 1933 Act) and the regulations thereunder, transmitted
herewith on behalf of the Trust is the XBRL risk/return summaries and corresponding XBRL exhibits, noted below, that mirrors the revisions to the risk/return summary described for the Direxion/Wilshire Dynamic Fund and filed pursuant to Rule 497(e)
under the 1933 Act on May 16, 2013. This June 6, 2013 Rule 497(e) filing (Accession No. 0000894189-13-002860) is hereby incorporated by reference to todays Rule 497(e) filing.

The XBRL exhibits attached hereto consist of the following:

EXHIBIT INDEX

Exhibit

Exhibit No.

Instance Document

EX-101.INS

Schema Document

EX-101.SCH

Calculation Linkbase Document

EX-101.CAL

Definition Linkbase Document

EX-101.DEF

Label Linkbase Document

EX-101.LAB

Presentation Linkbase Document

EX-101.PRE

If you have any questions concerning the foregoing, please contact Adam Henkel of U.S. Bancorp Fund
Services, LLC at (312) 325-2037.

The date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.

Effective immediately, the last sentence of the first paragraph appearing under the heading “Principal Investment Strategy” in the summary section of the Prospectus for the Direxion/Wilshire Dynamic Fund (the “Fund”) is deleted in its entirety and replaced with the following:

The Subadviser’s tactical model evaluates asset class allocations and makes relevant adjustments on at least a monthly basis, but may make adjustments as frequently as daily, which may result in a high portfolio turnover rate for the Fund.

Additionally, any references appearing in the statutory section of the Fund’s Prospectus relating to the Subadviser’s tactical model evaluating asset class allocations on a monthly basis is hereby revised to indicate that the Fund’s asset class allocations will be evaluated on at least a monthly basis, but may be adjusted as frequently as daily.

Effective immediately, the last sentence of the first paragraph appearing under the heading “Principal Investment Strategy” in the summary section of the Prospectus for the Direxion/Wilshire Dynamic Fund (the “Fund”) is deleted in its entirety and replaced with the following:

The Subadviser’s tactical model evaluates asset class allocations and makes relevant adjustments on at least a monthly basis, but may make adjustments as frequently as daily, which may result in a high portfolio turnover rate for the Fund.

Additionally, any references appearing in the statutory section of the Fund’s Prospectus relating to the Subadviser’s tactical model evaluating asset class allocations on a monthly basis is hereby revised to indicate that the Fund’s asset class allocations will be evaluated on at least a monthly basis, but may be adjusted as frequently as daily.

Effective immediately, the last sentence of the first paragraph appearing under the heading “Principal Investment Strategy” in the summary section of the Prospectus for the Direxion/Wilshire Dynamic Fund (the “Fund”) is deleted in its entirety and replaced with the following:

The Subadviser’s tactical model evaluates asset class allocations and makes relevant adjustments on at least a monthly basis, but may make adjustments as frequently as daily, which may result in a high portfolio turnover rate for the Fund.

Additionally, any references appearing in the statutory section of the Fund’s Prospectus relating to the Subadviser’s tactical model evaluating asset class allocations on a monthly basis is hereby revised to indicate that the Fund’s asset class allocations will be evaluated on at least a monthly basis, but may be adjusted as frequently as daily.

The date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.

The date when a document, upon receipt and acceptance, becomes officially effective, in CCYY-MM-DD format. Usually it is a system-assigned date time value, but it may be declared by the submitter in some cases.

The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.